The Court of Appeal rejected the new trial of the founder of ‘My Big Coin’
An appeals court has upheld the fraud conviction of Randall Crater, the founder of the My Big Coin cryptocurrency project, who was sentenced to more than eight years in prison.
In the year A three-judge panel upheld Crater's conviction more than a year ago in a case filed Feb. 23 with the United States Court of Appeals for the First Circuit. Transactions and one count of conducting an unauthorized money transmission business. Appellate judges Gustavo Gelpi, Jeffrey Howard and Julie Rickelman issued opinions stating that Carter did not have a new attempt to participate in the crypto scheme.
Crater's legal team argued that the court violated his Sixth Amendment rights. . According to the justices, there was no argument made by Crater's counsel that “should not be overruled.”
“CipherTrace's investigation was not linked to MBC's official blockchain and, therefore, lacked a critical indicator of functioning as a cryptocurrency until June 2017 — long after Crater had marketed MBC as a virtual currency comparable to Bitcoin,” the appeal said. Filing.
In the year In 2013, Crater founded My Big Coin and falsely marketed the company as a crypto payment service, earning $7.6 billion in ill-gotten gains from 55 victims between 2014 and 2017. The founder also said that the platform's tokens are backed by gold, and the company has partnered with MasterCard for consumer credit cards.
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The Justice Department filed criminal charges against Crater in February 2019. He was convicted in January 2023 and sentenced to 100 months in prison. He was also ordered to pay more than $7.6 million in restitution to the victims — money that prosecutors said was used to buy houses, cars and antiques.
US authorities have filed criminal charges against high-profile figures in the crypto space, including former Binance CEO Changpeng Zhao, former Celsius CEO Alex Mashinsky and former FTX CEO Sam Bankman-Fried. Zhao pleaded guilty to one felony count and is scheduled to be sentenced in April. A jury convicted Bankman-Fried of seven counts in November, and sentencing is scheduled for March 28. Mashinski awaits trial in September.
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